Montgomery, AL Area Home Sales Statistics – 2nd Quarter 2008

July 19th, 2008 categories: Market Reports, Montgomery
A study of the Montgomery Alabama Area MLS shows that the residential real estate in Montgomery, Prattville, Wetumpka, Millbrook, Pike Road, etc. are trending to a more extreme buyer's market. The 2nd quarter of 2008's statistics prove this trend. The first six months of 2008 have shown that the Montgomery area is way behind prior years when you look at the number of homes sold each month.  2006 and even 2007 kept pace with 2005.  2008 saw home sales fall off significantly :
montgomery real estate home sales history 2008
Here is a look at the percent change in the first quarter when comparing the same month to the prior year.  We are still in a buyer's market in Montgomery, to be sure.  In fact, the trend in 2008 has been towards a more extreme buyer's market.  In the first 6 months of 2006, we only had one month (April) that did not beat the prior year. In 2007 we had the beginnings of a downward trend.  As you can see below, in 2008, every single month has been lower when compared to 2007.  Drops like this that are in the range of 30% are huge.  Remember this feeling, this is what it feels like to be pushing to a buyer's market.
homes sold in Montgomery in 2008
If we look at all of the homes on the market in the second quarter of 2008, we can see that the upward trend has leveled off. However, we still have more homes for sale in the Montgomery area right now than we did this time last year:
how many homes for sale in Montgomery alabama
Montgomery area homes just aren't selling fast enough spark a move back to a balanced market. One way to view this trend is to compare the total "active" (homes for sale) listings in the Montgomery MLS. For instance, in June 2008, there were 3,493 for sale, and 381sold.  That gives us an active to sold ratio of 9.2.  We saw in the above chart that inventory has leveled off, but sales are off as well.  That keeps this ratio high, still well in the buyer's market territory.
real estate homes sold trends montgomery prattville
Do you need help sorting through this info? What do all of these numbers mean to your specifically, and your own home search in the  Montgomery, Prattville, or Wetumpka areas?  How can you best use these trends to your advantage?  Contact us, or call the number at the top of the page, we would be glad to help you out.